BBG E231 Lecture Notes - Lecture 24: Barter
Document Summary
Agency may be terminated in any of the following ways. V) destruction of the subject-matter eg where the agency was created for the sale of a house and the house is destroyed by fire the agency ands. Vi) dissolution of a company if the principal or agent is an incorporated company, the agency automatically ceases to exist. Vii) bankruptcy of the principal: an agency is also terminated by the insolvency of the principal. A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price. The essential characteristics of a contract of sale of goods are as follows: there must be two distinct parties to a contract of sale, a buyer and a seller, there must be a transfer of property. Property here means ownership: the consideration for a contract of sale must be money consideration called the price.
